U.S. activist investor Elliott Management Corp. lost a legal battle Monday to remove Akzo Nobel NV's chairman, increasing pressure on PPG Industries Inc. to make a hostile bid for the rival Dutch paint and chemicals giant or abandon its monthslong takeover pursuit. Earlier this month, Elliott took Akzo to court in the Netherlands to force Akzo to hold a special shareholder meeting on the dismissal of Antony Burgmans. Akzo, citing Dutch law, previously rejected the shareholder request for such a meeting. Elliott claimed that Mr. Burgmans failed to "discharge his fiduciary and corporate governance duties" after the Amsterdam-based company rejected PPG's latest, sweetened offer of EUR24.6 billion ($29.49 billion) without first attempting to negotiate a deal.via